Everyone has losses. Top traders or no traders they all lose sometimes. Its the loss management that counts. If you can keep your losses-less than your winnings you will be here till you are 92 years old rocking on a armchair somewhere in Italy and an assistant will be placing trades for you. You will be very rich..
your right, i picture the guy on the highwire with a balancing stick, thats trading,the guy without the safety net is the one who dies when he falls, the guy with the net just gets the shakes for a few minutes and climbs back up, after big losses or blowouts you learn to use stops
One trade at a time. Scale back, be disciplined and patient, wait for your set ups. I like to start off with a winner, then as I demonstrate my ability to make money again, and my confidence returns, I start scaling up my size.
As many others have said so far: Scale back, regroup, re-evaluate your methods and just start all over with what was working and keep a positive attitude.
It's very simple, the reason they are called Top Trader is because they come back, otherwise they are not top trader. :eek:
This is exactly correct. In 15 years... My two biggest drawdowns have been 10% and 7%. Very painful. But after every setback... I have obsessively studied the direct problem that led to my drawdown... And have built systems to avoid repreating my mistakes. You have to stare you losses dead in the eye... Never, ever make excuses or blame "bad luck". Excuses are for losers.